Abra Wallet Will Restrict American Users From Using Their Services

Abra wallet, the most popular cryptocurrency wallet will be taking steps to restrict American users from using their services after an update to its platform which now revealed that it will only be offering a limited package for those users as we can read in the latest cryptocurrency news today.

According to the update, U.S. users will no longer be able to keep the Bitcoin Gold, QTUM, EOS and Status tokens from August 29, 2019. If the tokens are not converted to other coins that are compatible by the deadline, they will automatically be converted to Bitcoin. In addition to this, the wallet provider also made other decision targeted at New York users since it stated that the residents there will no longer be able to make money transfers to the wallet with the Bank automated Clearinghouse, American Express cards, and wire transfers August 29.

In the update, the Abra wallet company specifically noted that these moves are necessary by the current uncertainty that has emerged into the American crypto community:

 “From presidential tweets to Congressional hearings, there is intense interest and scrutiny about cryptocurrencies and how they work. As a result of continued regulatory uncertainty and restrictions in the United States, we have to make some adjustments to our US business in an effort to continue to be compliant and cooperative with US regulations as they currently exist.’’

Abra is the second crypto-focused company to take action against the American users this week alone which cite the regulatory uncertainty. The other company, Circle, which is a popular payment processor and operator of the Poloniex crypto exchange instead of restricting users from services, Circle chose to move a section of its business to Bermuda. In their announcement, Circle revealed that their decision to move to Bermuda is because the country has a very good regulatory framework and was able to keep in pace with the new innovations in the crypto industry.

As noted in the coming altcoin news, the United States Senate published an announcement that reveals it will be holding a broader debate on regulations for cryptocurrencies and blockchain technology which could boost the prices on the market.